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Latest News on Dividend and Preferred Stocks

NuStar Energy L.P. Sells a Fixed-to-Floating Rate Preferred

Giant master limited partnership NuStar Energy L.P. (NYSE:NS) has sold a 7.625% Fixed-to-Floating rate preferred.  The offering is a large one with 14,000,000 shares sold with an over allotment of 1.4 million shares which will generate gross proceeds of $385,000,000 assuming exercise of the over allotment. NuStar is one of the larger companies in the […]

2 New Baby Bond Offerings

Mortgage REIT Great Ajax (NYSE:AJX) and specialty auto insurer Atlas Financial Holdings (NASDAQ:AFH) have both sold baby bond issues this week and we would expect the issues to begin trading in the next couple of days. Great Ajax Corporation has sold 3,050,000 $25 convertible senior notes and has granted the underwriter an option to purchase […]

Qwest Corporation Issues Another Baby Bond

In what has been an annual foray into the debt markets Qwest Corporation (a wholly owned subsidiary of CenturyLink) has sold another baby bond issue.  With this new issuance the company will have 9 baby bond issues outstanding.  The company will realize approximately $635,000,000 from this offering assuming the full exercise of the overallotment and […]

Wells Fargo and Company Sells a Fixed Rate Preferred Issue

Banking giant Wells Fargo and Company (NYSE:WFC) has sold a large fixed rate preferred stock issue with a reasonable coupon of 5.625%.  This is the 11th $25/share preferred stock issue that WFC will have outstanding.  This new issue will be 24 million shares, which is a huge issue, but not nearly as large as some […]

Business Development Company TICC Capital Sells a Baby Bond Issue

BDC TICC Capital (NASDAQ:TICC) has sold a new shorter duration baby bond issue with a coupon of 6.50%.  TICC will use the proceeds from the offering to redeem a portion of the 7.50% 2012 Convertible Notes which are due 11/1/2017. The new baby bonds will have a maturity date of 3/30/2024 and will have an […]

More Calls, More Cash–a Never Ending Cycle

We noticed once again that a nice Baby Bond was announced for call late last week.  This time it was the KKR Financial Holdings 7.50% Senior Notes (NYSE:KFI) with a maturity date of 3/20/2042 that was called for early redemption on 4/24/2017.  Holders will receive $25/share plus accrued interest.  Since this was a long dated […]

2 Tanker Companies Sell High Yield Income Securities

Last week 2 ocean shippers sold new income issues with high yield coupons.  The coupons are high for a reason and that is simply because of the risk involved in the ocean shipping business.  This risk is most apparent in the dry bulk carriers, but even the tanker business is susceptible to eroding margins.  The […]

Markets Continue to Thumb Their Noses at the Fed

It has been somewhat of a amazing ride in the interest rate markets since the Fed raised interest rates 2 weeks ago. While we figured that rates interest rates might fall a few basis points after the Fed Funds rate increase we didn’t think they would fall 20 basis points!! We have watched the average […]

Purchases and Sales in Model Portfolios

We had mentioned last week we would be making some purchases this week as well as executing a sale in the Blended Income Model Portfolio and we have done so yesterday. We have purchased full positions in 2 fixed-to-floating rate perpetual preferreds.  We have been, and continue to be, reluctant to purchase perpetual preferreds up […]

Global Indemnity LTD Floats a New Note Issue

Specialty insurer and reinsurer Global Indemnity LTD (NASDAQ:GBLI) has sold a new subordinated note issue with a long duration maturity. GBLI is a Cayman Islands based insurer that insures specialty risks such as medical and professional liability insurance, collectibles insurance and property and casualty insurance for small businesses.  While the company is not a large […]

Plans for the Days Ahead

So the Fed meeting is happening today and tomorrow morning and we are awaiting the announce on the 1/4% rate hike.  Then for the big news–what Chair Yellen has to say after the meeting–will she sound hawkish on rates or will she give the typical dovish sounding drivel that would be the norm? So here […]

Energy Retailer Spark Energy Inc. Sells a Fixed-to-Floating Rate Preferred

In what has become a continuing parade of companies stepping up and selling fixed-to-floating rate preferreds, energy retailer Spark Energy Inc (NASDAQ:SPKE) has joined with a new offering. The company has sold a 8.75% fixed-to-floating rate preferred issue that has a very lucrative base rate starting in 2022 when the coupon beings to float. Spark Energy […]